The shares of this leading infrastructure construction Company gained up to 4.5 percent after the company received an order worth Rs 2,192.41 crore from two domestic entities.
With a market capitalization of Rs 7,045.14 crore, the shares of Power Mech Projects Ltd were trading at Rs 4,456.65 per share in bse, increasing around 4 percent as compared to the previous closing price of Rs 4,289.05 apiece.
According to the business filing, Power Mech Projects Ltd has received two orders for Rs 2,192.41 crore from domestic companies. Meenakshi Energy Limited awarded the first contract for Revival & Operations and Maintenance (O&M) services at a coal-fired power plant in Andhra Pradesh comprising two 150 MW (Phase-1) and two 350 MW (Phase-2) Sub-Critical Units for Rs.674.81 crores.
Furthermore, the Directorate of Geology and Mining awarded a second contract for the Mining of river bed minerals (RBM) located in the river bed of Dehradun, Haridwar, Udham singh Nagar, and Nainital Districts for Rs.1,517.60 Crores.
Looking into the company’s financial, Power Mech Projects Ltd’s revenue increased by 5 percent from Rs 771 Crore in Q2FY23 to 932 Crore in Q2FY24. During the same period, net profits decreased by 18 percent from Rs 43 crore to Rs 51 crore.
Power Mech Projects Ltd accomplished 15 lakh sq. ft. of infrastructure development work in Vizag, AP, and 2.37 lakh MT structural fabrication work in a year. The firm has a 68,375MW unit capacity of O&M and AMC in that 6,792 MW Commissioned in the power industry in abroad markets.
The company recently received a Mining Development and Operation Project from Steel Authority of India Limited for the Development and Operationalization of the Tasra Opencast Project, located at Jharkhand for extraction of Coking Coal for an estimated total contract value of Rs 30,438 Crores. The duration of the contract is 28 years (including 2 years of development period).
Power Mech Projects Limited is an engineering and construction firm that specializes in the installation, testing, and commissioning (ETC) of boilers, turbines, and generators, as well as balance of plant (BOP).
Written by:- Abhishek Singh
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
